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Original title: Beginning January 1 of next year, China will reduce import tariffs on 883 items related to cancer drugs, hearing aids, infant formula, etc. Source: Economic Information News
According to the Ministry of Finance website on the 23rd, the Tariff Commission of the State Council recently issued a notice stating that as of January 1, 2021, China will implement temporary import tariff rates lower than the tariff rate of Most favored nation on 883 commodities. Among them, in order to reduce the economic burden on patients and improve people’s quality of life, zero tariffs will be imposed on the second batch of anticancer drugs and drugs for rare diseases, food needed for special patients, etc. , and cut down on medical equipment like artificial heart valves, hearing aids, and whey protein. Import tariffs on powdered infant milk raw materials, such as powder and lactoferrin.
In addition, in order to meet the needs of domestic production, import tariffs are reduced for some equipment, parts and raw materials needed for new infrastructure or high-tech industries, such as fuel cell circulation pumps, aluminum and silicon carbide substrates and arsine. In order to promote international technical cooperation in the field of aviation, a lower provisional import tax rate is applied to aviation equipment, such as fuel pumps for aircraft engines.
In order to improve air quality, support the production of green products, and reduce import tariffs on commodities such as diesel engine exhaust gas purification and filtration devices and exhaust gas recirculation valves. In order to encourage the importation of resource products in demand in the country, the provisional import tax rate for wood and paper products, unalloyed nickel, raw niobium and other commodities will be reduced, and the mobile tax on cotton.
In order to promote high-quality development of the “Belt and Road” and achieve high-quality introduction and high-level globalization, in accordance with the signed and effective free trade agreements or preferential trade agreements between China and the relevant countries or regions, in 2021, China Some goods imported into relevant countries or regions implement agreed tariff rates. Among them, the China-Mauritius Free Trade Agreement will enter into force on January 1, 2021 and will implement tax cuts. Other tax cuts include the China-New Zealand Free Trade Agreement, Peru, Costa Rica, Switzerland, Iceland, Pakistan, Chile, Australia, South Korea, Georgia, and the Asia-Pacific Trade Agreement. Some imported goods originating in Mongolia will be subject to the Asia-Pacific Trade Agreement tariff rate from January 1, 2021. In 2021, we will continue to implement preferential tax rates for the 43 least developed countries that have established diplomatic relations with China and completed the exchange of letters. The scope of preferential tax rates and tax rates will remain unchanged.
Starting on July 1, 2021, China will also implement the sixth step of reducing taxes on the most-favored-nation tax rate for 176 information technology products.
Li Xuhong, director of the Institute for Fiscal and Tax Policy and Enforcement of the Beijing National Accounting Institute, told the “Economic Information Daily” reporter that, based on the content of the relevant notice, the main adjustments to this fee are focused on improving the people’s livelihoods, satisfy production, promote cooperation in the field of aviation and improve air quality. , Meet the five aspects of domestic demand for resource products and help promote high-quality development of the “Belt and Road”.
Yin Zhengping, a researcher at the Foreign Trade Research Institute of the Ministry of Commerce, believes that in 2021, China will adjust import tariffs on some commodities, which will involve some consumer goods such as medicines, medical equipment, food and their raw materials, as well as aviation equipment such as fuel pumps for aircraft engines and parts of integrated circuits. Some equipment, parts and raw materials required for production. It reflects the political orientation of benefiting people’s livelihoods and promoting industrial modernization, and also provides important support for China to form a strong domestic market and build a new pattern of development.
Yin Zhengping pointed out that the state proposed the most-favored-nation tax rate applicable to 484 information technology products, including multi-component integrated circuit memory with a total of 8 tax items, which will further reduce the cost of equipment. , spare parts and imported raw materials in related industries, which will help. Promote the safety and stability of the industrial supply chain and promote high-quality development of the industry.
